CULT Food Science executes LOI for acquisition of The Better Butchers Inc.

TORONTO — CULT Food Science Corp., a food technology platform pioneering the commercialization of lab grown meat and cellular agriculture, announces that it has executed a binding letter of intent dated December 10, 2024 with The Better Butchers Inc. which contemplates CULT acquiring 100% of the issued and outstanding shares of TBB from the shareholders of TBB.

The Better Butchers is a Vancouver-based company specializing in the development of meat alternatives. The company currently employs mycelium-based proteins derived from fungi through biomass fermentation to create products that are both health-conscious and have flavour. In addition to its core background, The Better Butchers is collaborating with companies using precision fermentation and cellular agriculture technologies to craft hybrid cultivated meats, precision-fermented fats, and other premium ingredients — enabling the production of butcher-shop staples such as sausages, burgers, and bacon.

The company’s value proposition lies in its ability to offer a meat alternative that has nutrition, texture and taste—attributes that may be more elusive in the alternative protein sector.

The Better Butchers is actively engaged in the development of cultivated meats, partnering with McMaster University in a four-year Genome Canada project focused on this emerging technology.

The Better Butchers was founded by Celeste Trujillo and CULT’s CEO, Mitchell Scott. Celeste Trujillo holds a BSc in Food Science and an MSc in Human Health and Nutrition. She has experience in the development and manufacturing of plant-based alternatives, including leadership roles in R&D at The Very Good Food Co. and at Daiya Foods, where she developed intellectual property.

Pursuant to the LOI, CULT and TBB have agreed to the following terms for the Transaction:

On closing, in consideration for the acquisition of 100% of the issued and outstanding shares of TBB, CULT will issue to the Shareholders an aggregate of 40,000,000 common shares in the capital of CULT at a deemed price per Base Consideration Share of $0.05, representing aggregate consideration of $2,000,000.